You can use our free, customizable Minnesota Real Estate Purchase Agreement template to adhere to state laws.
Legal Descriptions: All real property in Minnesota is identified by a legal description, which should be sufficient for a surveyor to locate the boundaries of the land.
Disclosure Statement: The seller must provide a written disclosure that includes all material facts that could adversely and significantly affect a buyer’s use and enjoyment of the property. This disclosure must be made in good faith and based upon the best of the seller’s knowledge.
Cancellation Procedures: Should either party desire to cancel a purchase agreement according to Minnesota Statutes, Section 559.217, the cancellation notice must specify the property involved by legal description.
In Minnesota, a real estate purchase agreement becomes legally binding when it satisfies certain requirements:
Written Document: The agreement must be in writing to comply with the fraud statute.
Consideration: The agreement must express the consideration, typically the purchase price.
Seller’s Execution: The agreement must be executed by the seller.
Terms of Sale: The agreement must describe the general terms of the sale.
Property Description: The agreement must contain an adequate description of the property.
Offer and Acceptance: An offer and an acceptance are essential to form an enforceable purchase agreement. The offer is a commitment by one party with certain definite terms, provided the other party involved in the bargaining transaction will likewise express their consent to the identical terms. An offer can only be accepted if it’s done so without any conditions or reservations.
Period: Acceptance must be made within the period specified in the offer. If no time is expressed for accepting an offer to sell real estate, it should be construed as requiring acceptance within a “reasonable time.”
In Minnesota, individuals selling residential real estate must provide written disclosures to any potential buyer. The following are important pieces of information to keep in mind:
Material Defects: The disclosure needs to include all “material facts” known by the seller that could “adversely and significantly affect” an ordinary buyer’s use and enjoyment of the property.
Underground Storage Tanks and Water Wells: The seller should disclose if there are any existing storage tanks on the property, specifically whether these are underground or above-ground storage tanks. The home seller should also inform if there are any wells on the property.
Individual Sewage Treatment Systems: These should also be disclosed if individual sewage treatment systems are on the property.
Lead-Based Paint: Any home constructed earlier than 1978 must come with a disclosure upon the property transfer that includes any data concerning the presence of lead on the premises.
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In Minnesota, a buyer who wishes to purchase a residential property must use a legal document known as a purchase or sale agreement to propose the deal to a seller who is open to selling. This document must specify the price the buyer offers, the payment method, and the duration for which the offer stands.
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